Often times home buyers put off buying a home for various reasons such as a possible job transfer, hoping mortgage rates to go down, taking that dream vacation, and more. Keeping Current Matters recently analyzed the actual "cost of waiting".
Prices
Over 100 economists, real estate experts and investment and market strategists were recently surveyed and asked to project where home prices were headed. The average value appreciation projected over the next twelve month period was approximately 4%.
Interest Rates
In their last Economic and Housing Market Outlook, Freddie Mac predicted that 30 year fixed mortgage rates would be 4.8% by this time next year. Currently, the Freddie Mac rate is 4.14%.
What does this mean for you?
If you are a first time buyer currently look at a home priced at $250,000, the below is a comparison of what it will cost you on a monthly basis right now versus waiting to buy next year.
Image source: Keeping Current Matters
Are you looking to start the home buying process? Email us at concierge@lizmoore.com, we'd love to help! Or, click below to download our free Home Buyer's Handbook.
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